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DEBT | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
DEBT | DEBT
Summary of outstanding debt by category
(in millions) | Maturity Dates | Interest Rate(s) Per Annum at March 31, 2025 | March 31, 2025 | December 31, 2024
Unsecured Payroll Support Program Loans(1) | 2030 | to | 2031 | 1.00% | $ | 3,496 |  | $ | 3,496 |
Unsecured notes | 2026 | to | 2029 | 3.75% | to | 7.38% | 1,575 |  | 1,575 |
Financing arrangements secured by SkyMiles assets: |  |  |  |  |  |  |  |
SkyMiles Notes(2) | 2025 | to | 2028 | 4.50% | and | 4.75% | 3,833 |  | 3,970 |
SkyMiles Term Loan(2)(3) | 2025 | to | 2027 | 8.04% | 719 |  | 784 |
NYTDC Special Facilities Revenue Bonds(2) | 2026 | to | 2045 | 4.00% | to | 6.00% | 3,522 |  | 3,591 |
Financing arrangements secured by aircraft: |  |  |  |
Certificates(2) | 2025 | to | 2028 | 2.00% | to | 8.00% | 984 |  | 992 |
Notes(2)(3) | 2025 | to | 2033 | 6.55% | to | 6.61% | 85 |  | 87 |
Financing arrangements secured by slots, gates and/or routes: |  |  |  |  |  |  |  |
Senior Secured Notes | 2025 | 7.00% | 812 |  | 812 |
Other financings | 2030 | 5.00% | 66 |  | 66 |
Corporate Revolving Credit Facility(3) | 2026 | to | 2028 | Undrawn | — |  | — |
Other revolving credit facilities(3) | 2025 | to | 2026 | Undrawn | — |  | — |
Total secured and unsecured debt |  |  |  |  |  |  | $ | 15,092 |  | $ | 15,373 |
Unamortized (discount)/premium and debt issue cost, net and other |  |  |  | (16) |  | (26) |
Total debt |  |  |  |  |  |  | $ | 15,076 |  | $ | 15,347 |
Less: current maturities |  |  |  |  |  |  | (2,644) |  | (1,801) |
Total long-term debt |  |  |  |  |  |  | $ | 12,432 |  | $ | 13,546 |
(1)Interest rates on the Payroll Support Program loans are 1.00% for the first five years and the applicable SOFR plus 2.00% in the final five years. The applicable interest rates will begin to adjust for each loan in April 2025, January 2026 and April 2026. (2)Due in installments during the years shown above. (3)Certain financings are comprised of variable rate debt. All variable rates are equal to SOFR (generally subject to a floor) or another index rate, plus a specified margin. Availability Under Revolving Credit Facilities As of March 31, 2025, we had approximately $3.1 billion undrawn and available under our revolving credit facilities. Fair Value of Debt Market risk associated with our fixed- and variable-rate debt relates to the potential reduction in fair value and negative impact to future earnings, respectively, from an increase in interest rates. The fair value of debt shown below is principally based on reported market values, recently completed market transactions and estimates based on interest rates, maturities, credit risk and underlying collateral. Debt is primarily classified as Level 1 or 2 within the fair value hierarchy.
Fair value of outstanding debt
(in millions) | March 31, 2025 | December 31, 2024
Net carrying amount | $ | 15,076 |  | $ | 15,347 |
Fair value | $ | 15,100 |  | $ | 15,300 |
Covenants Our debt agreements contain various affirmative, negative and financial covenants. We were in compliance with the covenants in our debt agreements at March 31, 2025.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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